SUNRISE, FLA. — HFF has brokered the $16.1 million sale of The Gateway at Seagrass, a 40,136-square-foot retail center in Sunrise. The retail center’s tenant roster includes Starbucks Coffee, Chipotle Mexican Grill, GameStop, Mattress Firm and Subway. South Florida’s only IKEA store shadow anchors the property. Danny Finkle, Luis Castillo and Rob Saracco of HFF represented the seller, Stiles, in the transaction. Karen Reiter, Michael Matluck and Adam Freeman of ICS Realty represented the buyer, Gateway at Sawgrass Investments LLC. Alex D. Sirulnik Esq. was the buyer’s legal counsel.
CHAPEL HILL AND HIGH POINT, N.C. — NorthMarq Capital has arranged two acquisition loans totaling approximately $13.7 million for two apartment communities in North Carolina. The communities include the 144-unit Timberlyne Apartments at 200 Westminster Drive in Chapel Hill and The Crossing at Chester Ridge Apartments, a 152-unit apartment complex at 2122 Crossing Way in High Point. Brett Mason of NorthMarq’s Raleigh office arranged a three-year loan through a bridge lender for the Timberlyne Apartments acquisition. Mason also arranged a 10-year loan for the The Crossing at Chester Ridge purchase. Mason arranged the loan with a 30-year amortization schedule through a Fannie Mae DUS lender.
PARKVILLE, MD. — The Greysteel Co. has arranged the sale of Joppa-Perring Retail Center, a 39,500-square-foot property fully leased to Savers Thrift Superstore, the largest for-profit thrift store chain in North America. The store, which sold for approximately $6.9 million, is located in Parkville, about seven miles northeast of Baltimore. The property also includes a Checker’s restaurant. Gil Neuman of Greysteel represented the seller, Heritage Properties Inc., and procured the buyer, Joppa Mart LLC, in the transaction.
CHESAPEAKE, VA. — CBRE|Hampton Roads has brokered the sale of Great Bridge Apartments, a 100-unit multifamily community located in Chesapeake’s Great Bridge neighborhood near Battlefield Boulevard. Dan Johnson and Hank Hankins of CBRE|Hampton Roads represented the seller, Baltimore-based Property Capital Group, in the transaction. North Bay Group purchased the apartment community from Property Capital for an undisclosed amount. Great Bridge Apartments is part of an eight-property, 1,640-unit multifamily portfolio that CBRE is marketing.
MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $4.2 million first-mortgage loan secured by Charlestown Apartments, a 109-unit apartment property in Minneapolis. Tony Carlson of Grandbridge originated the refinancing. A local bank funded the five-year loan, which includes a fixed interest in the mid-three percent range and a 20-year amortization schedule. The loan equates to less than $40,000 per unit and was used to pay off the borrower’s existing debt and fund property improvements.
STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $1.7 million loan for two single-tenant manufacturing buildings in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and David Dismondy of Bernard arranged the financing on behalf of Fifteen Mile & Product Drive LLC. Assurity Life Insurance Co. was the lender.
KANSAS CITY, MO. — Block & Co. Inc. has arranged the sale of the Shoppes at Shoal Creek in Kansas City. The purchase price was undisclosed. An entity owned by Pine Tree Commercial Realty LLC, in partnership with Wanxiang America Corp., purchased the 130,000 square-foot property. Shoppes at Shoal Creek is located at the northwest corner of 152 Highway and Flintlock Road. Best Buy and Office Max anchor the center. David Block, president of Block & Co., represented the sellers, Shoal Creek Center BWG LLC and Shoal Creek BW Five LLC, in the transaction. Block and Becky Goodman of Block & Co. Realtors are serving as the leasing agents for the property.
NEW YORK CITY — NorthMarq Capital has arranged a $68.5 million loan for the refinancing of the New York Hilton Hotel at JFK Airport, a 356-room hotel in the Jamaica neighborhood of Queens. Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City office, arranged the 10-year loan, which includes a 30-year amortization schedule. Built in 1987 and renovated in 2012, the property is located at 144-02 135th Ave
PHILADELPHIA — A joint venture partnership between Keystone Property Group, Mack-Cali Realty Corp. and Parkway Corp. has acquired 100 Independence Mall West in Philadelphia for $40.5 million. The nine-story, 400,000-square-foot office building is located across from the historic Liberty Bell, the National Constitution Center and Independence National Park. The partnership purchased the Class A property from an affiliate of The Dow Chemical Co. The building is 85 percent leased to two tenants: Dow, which occupies 173,000 square feet as its Northeast headquarters; and the U.S. General Services Administration, which will occupy 135,715 square feet in July 2014. The partnership was represented in-house in the transaction. Robert Fahey, Jerry Kranzel, Lizann McGowen and George Cauffman of CBRE represented Dow.
BRIDGEWATER, MASS. — Paul V. Profeta & Associates has purchased a 132,984-square-foot property occupied by Home Depot in suburban Boston for more than $24 million. Gvest Partners LLC sold the property, which is located on 27 acres in Bridgewater. The purchase price for the property includes a first mortgage loan of more than $14 million, a mezzanine loan of $7.6 million and an equity investment of more than $3 million. Home Depot has 24 years remaining on its 30-year lease term. Sterling Champ, executive vice president at CBRE, represented Paul V. Profeta & Associates in the transaction.